Imagine buying your first car based on a salesperson’s recommendation. You trust that the car will meet your needs and sustain over the long term. But soon, you realize that the car doesn’t have those features you were sold. And now, with complex terms and conditions , you’re not able to return that car. This is a pure case of mis-selling, which leaves a customer dissatisfied.
Similar cases occur when financial products are mis-sold. Specifically Insurance Policy.
And that’s why according to IRDIA guidelines, the policyholder will be allowed a period of at least 15 days (30 days in case of electronic policies and policies sourced through distance mode) from the date of receipt of the policy to review the terms and conditions of the policy and if policyholders wish, he/she can cancel the policy without losing premium amount.
And this period is called as Free Look Period (FLP)
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RECOMMENDED READING LIST:
Rich Dad Poor Dad (Personal finance book of all time)
https://amzn.to/36UAPY5
The Millionaire Next Door (Great Read to know how money works)
https://amzn.to/3nXnzZV
One Up On Wall Street (Peter Lynch’s Best Advice to Stock Market Beginners)
https://amzn.to/35RgwM1
Think and Grow Rich (the ultimate book on money mindset and wealth)
https://amzn.to/3lTUkpY
The Little Book of Common Sense Investing (Awesome book on index funds)
https://amzn.to/3fxaEed
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DISCLAIMERS & DISCLOSURES
This content is for education and entertainment purposes only. I do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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